Prodigy Finance Sees Surge in Funding for Engineering Students

According to the Prodigy Finance Impact Report 2022 the technology sector emerged as the largest employer of the graduates surveyed. A significant 56% of graduate respondents reported being employed in STEM (Science, Technology, Engineering, and Mathematics) fields. In recent years, the tech industry has experienced significant layoffs, causing concern about future job opportunities for students. However, with the exponential growth of artificial intelligence and the increasing demand for technological advancements in various industries, students may have a more promising future ahead. As AI continues to revolutionise the world, it opens up new doors for students to explore and potentially pursue lucrative career paths.

Interestingly, according to the survey, even among business graduates, STEM fields proved to be popular, with 28% of them securing employment in these areas. These findings offer valuable insights for both students and policymakers. It reveals a clear shift – tech is no longer just a niche field; it is increasingly offering opportunities for graduates across disciplines.

Why Tech?

The dominance of the technology sector in employing graduates reflects the ongoing digital transformation across industries. The US Bureau of Labor Statistics findings project that STEM jobs will grow 10.8% by 2032, compared to 2.3% for non-STEM jobs. This trend highlights the importance of STEM education and training in preparing students for the jobs of tomorrow.

Several other factors contribute to the tech sector's pull for graduates. Here are some key drivers:

• Growth and Innovation: The technology sector has been at the forefront of innovation. From artificial intelligence to cybersecurity, many new roles have opened up in the industry that young graduates find attractive.

• Competitive Salaries and Benefits: Tech companies are known for offering competitive salaries and attractive benefits packages, making them highly desirable for graduates seeking financial security.

• Skill Versatility: Technology has found its way into nearly every industry. While some roles require a strong computer science background, others look for broader skill sets. This allows graduates from various disciplines to leverage their existing skills and learn new ones within the tech sector.

As technology continues to seep into all aspects of our lives, the demand for skilled individuals in the tech sector will only grow. This creates a crucial opportunity for universities and educational institutions to adapt their curricula, offering programmes that equip graduates with the necessary technical and soft skills to thrive in the tech-driven future.

Prodigy Finance's Strategic Shift

In 2017, Prodigy Finance extended its focus to cater to students pursuing postgraduate degrees in technology. The annual share of engineering students funded by the company increased from 51% in 2021 to 67% in 2022. Prodigy Finance's targeted approach aligned with the shifting landscape of employment opportunities, providing students with the financial support needed to pursue transformative higher education.

Prodigy Finance believes in equal access to life-changing education globally. They strive to remove financial barriers for students worldwide, with their no collateral, no cosigner student loans. To help finance their education, students can apply for Prodigy Finance loans starting from $10,000 and potentially reaching up to $100,000, depending on the program, university, and individual eligibility. Applications are open for the fall 2024 intake.